Virginia Code 65.2-1101: Funding
A. For the purpose of providing funds for compensation for disability as hereinafter defined, medical treatment and vocational rehabilitative services, a tax of one quarter of one percent shall be assessed, collected and paid into the state treasury by the same persons and in the same manner as set forth in Chapter 10 (§ 65.2-1000 et seq.) of this title.
Terms Used In Virginia Code 65.2-1101
- Commission: means the Virginia Workers' Compensation Commission as well as its former designation as the Virginia Industrial Commission. See Virginia Code 65.2-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Injury: means only injury by accident arising out of and in the course of the employment or occupational disease as defined in Chapter 4 (§ Virginia Code 65.2-101
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
B. This tax shall be in addition to the tax for the Commission administrative fund and shall be held by the Comptroller of the Commonwealth solely for the payment of awards against such fund.
C. In any fiscal year in which the Second Injury Fund has to its credit a sum in excess of $250,000, the tax shall be suspended for the ensuing fiscal years and its collection not resumed until the balance in the fund is reduced below $125,000.
1975, c. 365, § 65.1-139; 1980, c. 599; 1991, c. 355.